Jeevan Mangal, offered by Life Insurance Corporation, is a term assurance policy that has premium returns on maturity. The policyholder can pay premiums regularly or as a lump sum, depending on his preference. This insurance plan also comes with a double risk cover in terms of accidental death. This plan is customised to cater to the distinct needs of the lower strata of the Indian population.
In order to purchase this micro insurance plan, the prospective policyholder has to fulfill certain conditions, as set by the Corporation. Here are some eligibility criteria:
Minimum entry age | 18 years (age as on last birthday) |
Maximum age at entry | 60 years |
Maximum age at the policy's maturity | 70 years |
Jeevan Mangal plan provided by LIC is a traditional microinsurance policy that offers dual benefit of protection and savings. Here are some prominent features of this policy:
Type of plan | Non-participating endowment assurance plan that comes with guaranteed additions and benefits |
Policy basis | Individual |
Term of the policy | 10 to 15 years (Regular premium) 10 years (Single premium) |
Minimum sum assured | Rs 10,000 |
Maximum sum assured | Rs 50,000 |
Premium payment mode | Monthly, Quarterly, Half-yearly and Annually; Single |
Look-in period | 15 days |
The endowment assurance policy provided by LIC is packed with a number of key benefits. A few of them have been mentioned as under:
Mr Ravi, aged 35 and a non smoker, purchases a Jeevan Mangal policy for a maximum sum assured of Rs 50,000 for a period of 15 years. He pays Rs 1000 as premium on annual basis. On his survival of the policy term, he will be paid the basic sum assured along with amount equal to the sum assured and additional premiums.
The modes of premium payment for this micro insurance policy are monthly, quarterly, bi- annually, and yearly. Premiums can also be paid on weekly and fortnightly intervals. Single premium payments are only allowed for a ten year tenure.
LIC's Jeevan Mangal policy has accidental benefit rider, on extra premium payment. On death of the life insured due to an accident during the policy's term, an additional amount, that is equal to the accident benefit rider sum assured is paid to the nominee.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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